Homeowners with a Bank of America mortgage may be able to obtain a lower monthly mortgage payment from a home loan modification that is offered by Bank of America, who is one of the top lenders working in the Making Home Affordable Program. A variety of financial troubles have come upon many homeowners over the past months and, as a result, various mortgage assistance plans have been offered to keep homeowners in their home and help them avoid foreclosure.
Bank of America has been able to offer home loan modifications for more and more homeowners over the past months as is evidenced in recent reports released from the Making Home Affordable Program. Permanent home loan modifications for Bank of America have been on the rise as officials and homeowners put pressure on these mortgage servicers to do more when it comes to helping homeowners keep their home.
While traditional modifications have helped numerous homeowners, there have been extension programs offered to aid those homeowners who may not benefit from a simple modification on their home loan. For instance, second lien modification programs, unemployment assistance plans, and short sale or deed in lieu of foreclosure programs have been offered to homeowners who may be suffering from a variety of mortgage troubles.
While unemployment has been one of the main causes of these mortgage difficulties over the past months, homeowners are still working with the nation’s top mortgage servicers in order to find solutions that will help them keep their home and avoid a widespread epidemic of foreclosures. While there have been some homeowners who have taken advantage of underwater mortgage refinancing opportunities on homes where the homeowner owes more than the home is worth, in-house programs from the lenders themselves have also helps homeowners who are in underwater mortgage situations or who simply cannot afford their monthly mortgage payment at the present time.
There have been difficulties and trouble between homeowners and lenders but homeowners who are struggling are still being advised to contact their mortgage servicer and talk over assistance options available for their personal situation. There are also outside assistance options for homeowners who are having trouble with their lender, like the Making Home Affordable Program website and Hotline, as well as, housing counselors that are approved by the Department of Housing and Urban Development.
Obtaining a home loan modification has not been easy for some homeowners, but with more mortgage assistance plans put in place by lenders like Bank of America and the Obama Administration there is now a greater number of assistance options for homeowners to use when it comes to saving their home or avoiding foreclosure.